Payoneer is a digital payment service provider that offers local receiving accounts in nine currencies and makes it easy to securely receive cross-border payments. Local receiving accounts enable businesses to receive payments from customers as if they had local bank accounts in the country, drastically reducing cross-border fees.
Freelancers and businesses may use Payoneer to request payments, get paid on marketplaces, and withdraw or use their funds using the Payoneer debit card. Many users gave Payoneer favorable reviews on various sites, averaging 4 out of 5 on third-party review sites.
Although Payoneer has made more options to accept payments over the past years, we don’t recommend it as a sole payment method for a small business or freelancer. If your target market is not included among the local receiving accounts Payoneer provides, its flexibility and usability will be limited. Payoneer didn’t make the cut in our list of the best online credit card processing companies, but it earned a decent overall score of 3.01 out of 5.
The Fit Small Business Editorial Policy is driven by our company mission to “deliver the best answers to people’s questions.” This involves our thorough research and expertise to provide accurate, clear, and authoritative information to meet our audience’s needs and goals.
For this evaluation, I actively engaged with the Payoneer platform firsthand to add to my years of experience as a Payoneer user. This hands-on approach allows me to thoroughly assess its features, functionality, and performance in practical scenarios.
- No in-person payments
- Account holds
- Payoneer debit card is not free
Supported Business Types
Ecommerce, freelancers, independent contractors, international merchants
$29.95 (annual fee for accounts with less than $2,000 payments in 12 months)
Payment Processing Fees
Is Payoneer Right for You?
Payoneer is not a complete payment solution and you will likely need other payment services to provide options for your customers. However, it is a suitable solution for certain scenarios:
- International transactions: Payoneer’s local receiving accounts in multiple currencies make it a valuable choice for businesses or freelancers dealing with international clients. If you have clients or customers in the UK, Canada, Japan, UAE, Australia, Singapore, Hong Kong, and Europe, you only need to provide your local receiving account details and you can receive payments through these accounts for free. For US customers, there is a low 1% fee.
- Marketplace payments: Solopreneurs and small businesses active on global online marketplaces can benefit from Payoneer’s integration with platforms like eBay, Amazon, Airbnb, and Walmart. It streamlines the payment process, providing a convenient way to receive earnings directly into the Payoneer account.
- Freelancer payments: Payoneer is available as a payment option for two popular freelancer platforms, Upwork and Fiverr. Even freelancers who have clients outside of these platforms will find it easy to get paid by clients in any of the nine regions where local receiving accounts are available.
Learn more about accepting payments online.
Payoneer Alternatives & Comparison
Payoneer User Reviews
|Easy to use
|Slow and poor customer service
|Wide international availability
|Delayed account approval
Payoneer user reviews online can be summarized into two types—those that are extremely satisfied with it and those that never want to use them again. This can be explained by the fact that when Payoneer works, it works well. A lot of Payoneer user reviews are from online freelancers, and they love how easy it is to receive payments from different countries, often without fees.
However, negative reviews are mostly from those who are extremely dissatisfied with Payoneer, with most giving the lowest rating possible. The majority of these users have their accounts frozen and found customer support to be slow in helping them resolve their account issues.
Here are Payoneer’s ratings from top user review websites:
- Trustpilot1: 4.0 out of 5 based on 52,000+ reviews
- Capterra2: 4.4 out of 5 based on 600+ reviews
- GetApp3: 4.4 out of 5 based on 600+ reviews
- G24: 3.2 out of 5 based on almost 300 reviews
Payoneer has a very simple pricing structure. There are no monthly fees and the processing rate is the same whether the payment is sent directly or through a payment request. However, Payoneer Checkout uses a different set of fees which depend on individual merchant risk assessments. Aside from the ecommerce checkout fee, another major factor that pulled down its score is the lack of automatic volume discounts.
From another Payoneer user
Through local receiving accounts (GBP, EUR, CAD, AUD, JPY, SGD, HKD, AED)
Through USD receiving account
Card payments through payment request
ACH bank debits through payment request
Payoneer annual account fee (for accounts with less than $2,000 payments in 12 months)
Payoneer Debit Card (optional)
$29.95 annual fee
Payoneer Checkout (through ecommerce integrations)
Varies depending on merchant risk assessment
Withdrawal to bank
Up to 3%
Payoneer scored low in this category compared to other payment service providers we have evaluated. This low score is mainly because of the limited number of payment types it accepts. It is mainly a direct account-to-account payment platform and has no in-person payment processing capabilities. In addition, Payoneer does not offer a virtual terminal or a way to store a client’s payment details for recurring payments.
Here are the ways you can accept payment with Payoneer:
- Sent directly from a Payoneer account
- Sent directly to one of your local receiving accounts
- By requesting a payment
- Through a Payoneer Checkout integration on your website
Compared to other payment service providers, Payoneer seems to be lacking in terms of features and this shows in its score. It does not have a customer management system and its mobile app is mainly for managing the Payoneer account, not for accepting payments. Its platform-to-bank payout speed can also be slower than other top payment platforms.
Payoneer’s local receiving accounts are a practical feature for businesses and freelancers dealing with international transactions. These accounts give users a local presence in nine currencies, letting them receive payments as if they were locals.
This setup minimizes cross-border transaction fees and simplifies financial processes for those engaged in global commerce. With easy access to funds in various currencies, users can efficiently manage their money, making international transactions more straightforward, whether they’re selling products on global platforms or offering freelance services to clients worldwide.
What makes the use of these local receiving accounts attractive is that there are no fees charged for accepting payment through the accounts, except for USD accounts. For USD accounts, the fee is a low 1% of the transaction amount.
However, keep in mind that although receiving your payment through any of these accounts is free, the funds will sit in your Payoneer account until you withdraw them to your bank account, which will incur withdrawal fees.
In May 2022, Payoneer launched Payoneer Checkout which allows users to integrate their Payoneer accounts with ecommerce platforms. This feature lets merchants accept card payments in their online stores.
Payoneer Checkout provides different integration methods:
- Hosted integration: Lets you create a separate payment page for checkout and your customers are directed to this page for payment.
- Embedded integration: Integrates the payment form directly on your checkout page and your customers do not get redirected to a different page for payment.
- Ecommerce platform: If your website is built on an ecommerce platform, you can simply integrate Payoneer Checkout with a plugin. This plugin is available on Shopify, WooCommerce, Shoplazza, Magento, Shopbase, Shopyy, Shopline, Ueeshop, and Wooshop.
We were not able to find a schedule of fees for using Payoneer Checkout because rates and other terms depend on individual merchant risk assessments done by Payoneer. The typical fee will consist of an interchange fee plus a flat fee.
Aside from the card processing fee, Payoneer also withholds a percentage amount as a rolling reserve and a reserve payout schedule, both of which are assessed for each user.
The Payoneer debit card offers users instant access to their funds, providing a convenient solution for individuals and businesses looking for quick and easy access to their Payoneer account balance. This feature allows users to access their earnings immediately for managing day-to-day expenses or making purchases online and offline.
There is an annual $29.95 card fee for the first card and relevant fees apply for using the card in countries whose currencies are different from the card currency. The annual fee is only for the first card so if you have balances in other currencies, you may request debit cards for those currencies for free. Keep in mind that the Payoneer card is optional. You may continue to use Payoneer even if you don’t request a debit card.
Payoneer does not have any tools for setting up recurring billing or subscriptions where merchants can automatically collect payments from their customers. However, Payoneer allows users to set up recurring payments to other Payoneer users. Currently, this is only available for users in the US. The payments are made through ACH Debit and users can set up whether the fee is paid by the sender or the recipient.
The Mass Payout Service is very useful for businesses needing to disburse funds to multiple recipients. This service may be used for paying employees, suppliers, or other partners. Payoneer allows merchants to send payments in various currencies and to schedule and automate mass payments.
For users in Europe and the US, Payoneer provides services related to tax payments. Merchants in Europe may pay VAT to EU tax authorities directly from their accounts. This service is free, which means merchants skip the extra costs of withdrawing their funds while keeping their VAT payment transactions on the same platform.
If you are a business that sends payments to employees or freelancers through Payoneer regularly, you may opt into Payoneer’s tax management services. This service involves automated tax deductions, forms distribution, tax calculations, and documentation.
Payoneer Ease of Use & Customer Support
Payoneer offers a straightforward user interface, making it easy for businesses and freelancers to navigate and manage their transactions. However, some users have reported dissatisfaction with customer support, citing instances of slow response times and challenges in resolving account-related issues. While the platform is generally user-friendly, you should consider the mixed feedback on customer support as part of your overall evaluation of Payoneer’s ease of use and reliability.
The exact Payoneer customer support hours vary depending on your region, so make sure to check for the hours it is available according to your location.
- Chat support: Mon–Fri, 10 a.m. to 7 p.m., Eastern time
- Phone support: Varies according to country
Payoneer’s main draw is its ability to accept payments from major regions in the world without having to pay any fees through local receiving accounts. This advantage makes it a cost-effective solution for cross-border payments for small businesses and freelancers. Additionally, the platform’s wide international availability ensures that users from various regions can easily access and utilize its services.
Although account approval can take a while for some users, using Payoneer is easy and straightforward once you are up and running. Payments sent to local receiving accounts typically get reflected in your Payoneer account within the same day or the next business day. In my years of using Payoneer, fund transfers to my local bank consistently appear within one to two business days.
Aside from account approval delays, many users also report account holds, which often include funds remaining in their accounts. Having a considerable amount of inaccessible money can be a significant issue for small businesses. Most complaints of slow and poor customer service also revolve around accounts that are put on hold indefinitely.
Merchants should also note that most user reviews mentioning held accounts are often unverified or have not submitted the required documentation. I have moved thousands of pounds and dollars through Payoneer from various clients over the years and have not had any accounts or funds frozen or put on hold.
I think Payoneer is a solid payment option if you have a client or customer in any of the locations where a local receiving account is available.
How We Evaluated Payoneer
We test different online payment processors to ensure an extensive Payoneer review. We then compare pricing methods and identify providers that offer zero monthly fees, pay-as-you-go terms, and low transaction rates. Finally, we evaluate each according to a range of payment processing features, scalability, and ease of use.
The result is our list of the best online payment processors. However, we adjust the criteria when looking at specific use cases, such as for different business types and merchant categories. This is why every online payment processor has multiple scores across our site, depending on the use case you are looking for.
Click through the tabs below for our overall online payment processor evaluation criteria:
20% of Overall Score
We awarded points to online payment processors that don’t require contracts and offer month-to-month or pay-as-you-go billing. Additionally, we prioritized providers that don’t charge hefty monthly fees, cancellation fees, or chargeback fees and only included providers that offer competitive and predictable flat-rate or interchange-plus pricing. We also awarded points to processors that offer volume discounts, and extra points if those discounts are transparent or automated.
30% of Overall Score
The best online payment processors can accept various payment types—including POS and card-present transactions, mobile payments, contactless payments, ecommerce transactions, and ACH and e-check payments—and offer free virtual terminal and invoicing solutions for phone orders, recurring billing, and card-on-file payments.
25% of Overall Score
We prioritized online payment processors with free 24/7 phone and email support. Small businesses also need fast deposits, so payment processors offering free same- or next-day funding earned bonus points. Finally, we considered whether each system has affordable and flexible hardware options and offers any business management tools, like dispute and chargeback management, reporting, or customer management.
25% of Overall Score
We judged each system based on its overall pricing and advertising transparency, ease of use (including account stability), popularity, and reputation among business owners and sites like Better Business Bureau. Finally, we considered how well each system works with other popular small business software, like accounting, point-of-sale, and ecommerce solutions.
Frequently Asked Questions (FAQs)
Click through the questions below to learn more about Payoneer.
Yes, Payoneer is generally considered safe and legit. It is a reputable financial services company that has been in operation for many years and is widely used for cross-border payments by businesses, freelancers, and online sellers.
Payoneer employs security measures such as encryption to protect user data and transactions. Additionally, it is regulated by financial authorities in different countries, adding an extra layer of credibility. However, like any financial platform, users should follow best practices for online security, such as using strong passwords and enabling two-factor authentication, to ensure the safety of their accounts.
While Payoneer offers various advantages for cross-border payments, there are some disadvantages to consider. Reports of slow and inefficient customer service, account holds, and delays in the account approval process are some concerns associated with using Payoneer.
While Payoneer is beneficial for international transactions, its suitability as a sole payment method may be limited, especially if the target market is not covered by the supported local receiving accounts. Despite these drawbacks, many users find Payoneer a reliable solution for cross-border payments and freelancer transactions.
Payoneer is particularly beneficial for businesses and freelancers involved in international transactions. The platform’s local receiving accounts in multiple currencies facilitate cost-effective cross-border payments, reducing fees associated with traditional banking methods. It is widely used and recognized, providing a convenient option for individuals and businesses dealing with clients or customers globally. However, Payoneer may not be the ideal sole payment method for everyone, especially if your primary market is not covered by the supported local receiving accounts.
Payoneer is a valuable tool for businesses and freelancers engaged in international transactions, allowing them to significantly reduce cross-border transaction fees. The platform’s ease of use and widespread availability in over 190 countries make it a convenient option for those dealing with global clients.
Despite its advantages, Payoneer may not be the optimal standalone payment solution for everyone, particularly if their target market is not covered by the supported local receiving accounts. Users should be mindful of reported issues such as slow customer service, account holds, and delays in the account approval process. Nevertheless, for individuals and businesses requiring a reliable method for cross-border payments and freelancing transactions, Payoneer remains a solid choice as an additional payment method alongside other more versatile payment solutions.
User Review References: